Tag Archives: banks

Lebanon’s leading Sunni Muslim politician, former Prime Minister Saad al-Hariri, called for the restoration of a French plan to lift the nation out of its worst financial crisis since its 1975-1990 civil war. Former colonial power France, which has led foreign aid efforts, has tried to rally Lebanese leaders to …

Lebanon’s parliamentary speaker said his group opposed the way the prime minister-designate was forming a new cabinet and that it would not join on those terms, but that he would still cooperate to stabilise the nation in crisis, his office said. The office of Nabih Berri, head of the Muslim …

Lebanon’s Information Minister Manal Abdel Samad announced on Sunday her resignation, citing the failure of the government to carry out reforms and the catastrophic explosion that rocked Beirut on Tuesday. UPDATES Lebanon’s Christian Maronite Patriarch Bechara Boutros al-Rai called on the cabinet on Sunday to resign if it cannot “change …

As Beirut mourns its dead and grapples with the scale of rebuilding after this week’s massive blast, some Lebanese activists planned to demonstrate in the city on Saturday, angered by the government’s response to the disaster. Tuesday’s port explosion, the biggest in Beirut’s history, killed 154 people, injured 5,000 and …

Lebanese rescue workers dug through rubble looking for survivors of a powerful warehouse explosion that shook the capital Beirut, killing 100 people and injuring nearly 4,000 in a toll that officials expected to rise. Tuesday’s blast at port warehouses storing highly explosive material was the most powerful in years in …

France told Lebanon on Thursday that it had no option but to accept an IMF deal to help it out of a dire financial crisis and that Beirut must enact reforms urgently if it is to win foreign aid. Lebanon desperately needs such aid as it wrestles with a financial …

Zawqan Abdelkhalek, a nurse at the American University of Beirut’s (AUB) medical centre since 2012, was laid off on Friday along with hundreds of colleagues as even hospitals buckle under the weight of Lebanon’s economic collapse. “I have a baby daughter, I need to get her food and water and …

Lebanon’s top Christian cleric stepped up criticism of the Iran-backed Shi’ite group Hezbollah and its allies without naming them on Sunday, saying Lebanese rejected being isolated from their allies and driven into decline. Lebanon is suffering a financial meltdown which marks the biggest threat to its stability since the 1975-90 …

Saudi Arabia said on Wednesday it had completed the first batch of its flour milling sector privatisation, according to a statement by the state grain buyer and privatisation centre. The long-awaited flour mills sale was one of the first privatisations the kingdom planned as part of a wide-reaching overhaul of …

One Lebanese woman asked for sugar, milk and soap in exchange for a child’s dress. Another wanted canned goods in return for gym equipment. A 65-year-old seamstress now exchanges her sewing services for food, because her clients can no longer afford to pay her. Bartering on Facebook has become the …

Dozens of people lay flowers on a main Beirut street where a man killed himself on Friday, with some blaming his death on the country’s economic collapse that has left more and more Lebanese hungry. Reuters could not establish the motive for the apparent suicide. The 61-year-old man shot himself …

As accelerating poverty fuels anger, despair and fear of a social explosion, efforts by Lebanon’s ruling elite to salvage the country from a financial meltdown with IMF help seem to be going in reverse. A country known across the Middle East for its glamorous lifestyle and commercial savoir faire now …

By : Siba El-Samra   The shortage of public spaces, as well as walking and biking infrastructure in Lebanon, is not a new problem. During a pandemic, this shortage becomes time-critical and even more life-threatening, especially in dense Beirut. As cities around the world look to find ways to live with …

The balance of the UAE Central Bank’s deposit certificates rose to record levels during the first half of 2019, reaching around AED155.8 billion at the end of June, according to statistics issued by the bank highlighting its policy of withdrawing surplus liquidity. The value of surplus liquidity withdrawn in June …

The Abu Dhabi Executive Council has issued a resolution to waive the one percent fee collection when refunding the security deposit paid for the value of temporarily imported goods, reducing operating costs for companies in and trading with the UAE. In line with the Government’s strategic plan to strengthen Abu …

A delegation from Sharjah Finance Department, SFD, has visited Tokyo, Japan, and met with key Japanese finance officials to discuss various possibilities that can help bolster relationships between the two sides. The meetings were held at the Japan Bank for International Cooperation, JBIC, and was attended by Sharjah’s delegation headed …

The Financial Services Regulatory Authority, FSRA, of Abu Dhabi Global Market, ADGM, today issued its regulatory framework for Digital Investment Managers (also known as ‘robo-advisors’), operating in ADGM. Digital Investment Managers provide investment management services using algorithm-based tools and technology to interact with more tech-savvy clients. This technology allows investment …

The Dubai Land Department, DLD, represented by its regulatory arm, the Real Estate Regulatory Agency, RERA, signed a memorandum of understanding, MoU, with the Arab Bank for Investment and Foreign Trade, Al Masraf, to manage and service the Owners Association, OA, accounts. The MoU was signed by Marwan bin Ghalita, …

A UAE delegation attended the fourth annual meeting of the Board of Governors of the Asian Infrastructure Investment Bank (AIIB). Abu Dhabi Fund for Development (ADFD), the leading national entity for international development aid, is mandated to represent the UAE at the Bank’s meetings and events and on its board. …

The Financial Services Regulatory Authority, FSRA, of the Abu Dhabi Global Market, ADGM, has announced local and global applications to establish digital banks in its International Financial Centre based in Abu Dhabi as digitalisation has led to a rapid transformation of the banking industry. This initiative comes in response to …

The Abu Dhabi Securities Exchange, ADX, recently met with an executive delegation from Morgan Stanley to discuss how to develop business relations between both entities. Khalifa Salem Al Mansouri, Acting Chief Executive of the ADX, said, “This was a valuable introduction for the ADX. Developing business relations with such a …

Etihad Credit Insurance, ECI, has signed a Memorandum of Understanding, MoU, with the Corporate Banking division of Emirates NBD to empower the UAE-based firms in strengthening their presence regionally and internationally by providing them access to ECI’s trade credit insurance solutions and Emirates NBD Corporate Banking’s customised products. This cooperation …

The Electricity Tariff Incentive Programme, ETIP, which was launched in line with the Abu Dhabi Development Accelerators Programme, “Ghadan 21”, is expected to contribute to the increase in capital of companies, which will enable them to further develop their industrial products, enhance their business value, and improve their competitiveness across …

The OPEC Fund for International Development, OFID, and Ameriabank have signed a US$25 million loan agreement aimed at supporting trade flows to and from Armenia. Cooperation between OFID and Ameriabank dates back to 2015. The first facility supported Small- and Medium-sized Enterprises, SMEs, in Armenia across a diverse range of …

Dubai Aerospace Enterprise, DAE, announced Thursday that it has signed a new long-term unsecured revolving credit facility with First Abu Dhabi Bank PJSC and HSBC Bank Middle East Limited as bookrunners and mandated lead arrangers. Following an oversubscription in syndication the Facility was closed at an amount of US$440 million …

The Authority of Social Contribution, Ma’an, has extended the deadline for its Ma’an Social Incubator, MSI, Programme till 13th July, 2019, due to the growing interest in the MSI from the public and social entrepreneurs in the UAE, the region and the rest of the world. The programme has already …

Qatar has placed further restrictions on First Abu Dhabi Bank, the United Arab Emirates’ largest lender, as it continues a probe into alleged currency manipulation begun after the UAE and other Arab states launched a boycott against Qatar in mid-2017. The Regulatory Authority of Qatar Financial Center (QFC) said on …

Trade Bank of Iraq, Standard Chartered (STAN.L) and General Electric (GE.N) closed a $600 million financing agreement to fund a power project in Iraq, the trio said on Sunday. Aimed at delivering more than two gigawatts of new power to Iraq, the ‘Power up Plan’ was part of the country’s …

His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces today received Michael L. Corbat, Chief Executive Officer of Citigroup, to discuss prospects of cooperation between Emirati financial institutions and the world’s global bank. The meeting occasioned a …

Emirates Steel, the largest steel producer in the UAE, has hired BNP Paribas to coordinate a $400 million (Dh1.47 billion) loan financing, sources familiar with the matter said. The company, owned by Abu Dhabi’s Senaat, a state-owned investor in the emirate’s industrial sector, will use the loan proceeds to refinance …

Standard Chartered on Sunday announced the appointment of Rola Abu Manneh as chief executive officer of its business in the UAE. Abu Manneh succeeds Julian Wynter, who will be retiring following 26 years of service at the bank. Abu Manneh’s appointment is with immediate effect. Abu Manneh joins from First …

The UK’s Hinduja Group confirmed talks are on with two UAE banks to acquire a possible equity stake in one of them, part of a move to expand its already sizeable business operations in this country. “We don’t do much of minority stakes — if the regulator allows it, we …

KhalifaSat, the first Emirati satellite, will be launched on October 29 from Tanegashima Space Centre in Japan; Shaikh Hamdan Bin Mohammad Bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of Executive Council announced Wednesday on his twitter account. KhalifaSat has been developed by a team of young Emiratis …

The UAE’s banking sector remained strong and robust in 2017 with an uptick in growth on the back of strong economic momentum in the country, according to the 2017 annual report of the UAE Banks Federation (UBF), a professional representative body made up of 50 banks operating in the UAE. …

A majority of the UAE’s 750,000 maids earn less than Dh2,000 per month, according to Rise, a Dubai-based start-up aimed at providing banking facilities to low-income workers. While this may be a relatively small amount individually, Rise saw the potential for scale. Collectively, maids in the UAE make $5 billion …

Mashreq’s commitment to innovation and a digital future is closely aligned to its strategy of investing heavily in all its people, and further developing the Emirati talent pool, Ashfaq Bandey, Vice President, Human Resources told Gulf News in an interview. The bank has embarked on a number of training initiatives …

Deep involvement of Israeli banks in the building of illegal settlements in the occupied West Bank may amount to the war crime of pillage, HRW has said. While the settlements are condemned worldwide, Israel keeps building more. “Israeli banks are facilitating their expansion and thus bankrolling these abuses,” said the …

Some money changers in UAE are appealing a recent decision by the Central Bank to prohibit them from doing remittance transactions. UAE resident have been advised that they can no longer transfer money or receive salaries through at least seven exchange houses. The UAE Central Bank confirmed on Monday that …

Gulf Capital plans to invest over $500 million (Dh1.8 billion) over the next two years in some key markets as part of its investment strategy, its chief executive officer told Gulf News in an interview. The Abu Dhabi based firm plans to invest $350 million in private equity and $150 …

HSBC Private Banking, one of the largest global private banking organisations with $330 billion of total client assets under management sees significant opportunities for private banking business in the region, particularly in the GCC countries, Peter Boyles, Global CEO, HSBC Private Banking told Gulf News in a recent interview. Significant …

The UAE’s banking system has “sufficient capacity to withstand a severe yet plausible deterioration in macroeconomic and financial market conditions,” according to the country’s central bank. The assessment comes after banks in the UAE underwent a regulatory stress test in 2017 put forward by the central bank to assess resilience …

Dubai’s proposed “Mortgage Law” intends to create greater depth in the property marketplace, in particular by making it easier for specialised funds to come in and take up exposures. Another target of the law would be create “alternative financing methods” over and above what is offered via direct bank finance. …

The Gulf Cooperation Council (GCC) banks will face increased funding costs despite easing of liquidity in the banking system, according to ratings agency Moody’s. Over the past four years, GCC benchmark rates have risen in line with US Federal Reserve fund rate increases and subsequent moves by local central banks. …

State-run Bahrain Petroleum Company (Bapco) has approached banks to sound their appetite for the financing needed to back the capacity expansion of the existing Sitra oil refinery, a project expected to cost well in excess of $5 billion (Dh18.3 billion), sources familiar with the matter said. The company, advised by …